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What You Need to What You Need to Know Know About Financial AidAbout Financial Aid
FAFSA – for US Citizens
Dream Act Application – for non-US Citizens
CSS Profile – for many Private Institutions
What is Financial Aid?Financial aid is funds provided to students and families to help pay for postsecondary educational expenses
What are the Basic Concepts of Financial Aid?
Cost of Attendance
Expected Family Contribution
Financial Need
What is Cost of Attendance (COA) Tuition and fees
Room and board
Books and supplies
Transportation
Miscellaneous personal expenses
What is the Expected Family Contribution (EFC) Amount family can reasonably be expected to
contribute
Stays the same regardless of college
Two components Parent contribution Student contribution
Calculated using FAFSA data and a federal formula
Need Varies Based on Cost
X
Y
Z
Cost of Expected Family NeedAttendance Contribution (Variable) (Variable) (Constant)
1
2
3
EFC EFC
Sources of Financial Aid Federal government
States
Private sources
Employers
Civic organizations and churches
Common Federal Aid Programs
Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
California Chafee Grant
Direct Subsidized Loan
Direct Unsubsidized Loan
Federal Work-Study
Teacher Education Assistance for College and Higher Education Grant (TEACH)
Perkins Loan
Direct PLUS Loan ‘
California Grant Programs
*CalGrant: awarded to students who meet GPA & financial need requirements – for ELIGIBLE CALIFORNIA SCHOOLS. (Many For-Profits NOT ELIGIBLE!)
Blue & Gold Opportunity Plan: FREE TUITION for UC students whose families earn $80,000 or less.
Middle Class Scholarship: TUITION program for CSU & UC students whose families earn up to $150,000 (sliding scale).
Federal Loans Stafford
Subsidized are for students with financial need & not charged interest while in school. (4.8%)
Unsubsidized for all eligible students & accrues interest when loan is paid out. (6.8%)
PLUS Parents can help pay for their child's education expenses as long as certain eligibility requirements are met.
Perkins students show exceptional financial need & has a low interest rate.
Private have higher interest rate & have harder repayment plans
Free Application for Federal Student Aid (FAFSA)
A standard form that collects demographic and financial information about the student and family
May be filed electronically (available in English and Spanish)
Information used to calculate the Expected Family Contribution
Colleges use EFC to award financial aid
FAFSA is filed every year starting January 1st through March 2nd
California Dream Act Application For Non-Citizens Who Qualify for AB 540:
* Must have attended a CA school for 3 years
* Must have graduated from a California HS
* Must register or be enrolled at an accredited CA college or university
* Must file affidavit with college or university promising to file for legal residency asap.
* May not hold a valid lettered non-immigrant visa.
FAFSA on the Web
Web site: www.fafsa.gov
2016-17 FAFSA on the Web available on January 1, 2016
FAFSA on the Web Worksheet: Used as “pre-application” worksheet Questions follow order of FAFSA on the Web
FAFSA Overview: 7 Step Process Step 1 Is about the Student Step 2 School Selection Step 3 Determine Student’s Dependency Status Step 4 Parent Information Step 5 Student Income & Assets Step 6 Signatures & Certifications Step 7 Confirmation
Student Financial Aid (PIN) Web site:
www.pin.ed.gov
Sign FAFSA electronically
Not required, but speeds processing
May be used by students and parents throughout aid process, including subsequent school years
FAFSA Processing Results CPS notifies student of FAFSA processing results by e-mail
notification containing a direct link to student’s on-line SAR
Student with PIN may view SAR on-line at www.fafsa.gov
Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted
College reviews ISIR May request additional documentation, such as copies of
federal tax returns
Student Aid Report Received electronically or by mail, Summarizes FAFSA information Can make corrections or changes, if necessary List all schools that you submitted Displays the EFC and DRN (upper right-hand portion on the
SAR) EFC- Expected Family Contribution; used to determine eligibility for
federal aid DRN- Data Release Number; used to send SAR to additional schools
Electronically within 3-5 days if submitted online with a valid email address
Other itemsSpecial Circumstances Cannot report on FAFSA Send explanation to
financial aid office at each college
College will review special circumstances Request additional
documentation
Unexpected Changes Change in employment
status Change in parent marital
status Unusual dependent care
expenses Medical expenses not
covered by insurance
Decisions are final and cannot be appealed to U.S. Department of Education
To check legitimacy of scholarship search services or individuals, for information about financial aid scams
Tips to avoid being scammed visit these Web sites:
U.S. Department of Education: www.studentaid.ed.gov/students/publications/lsa/index.html
Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm
Better Business Bureau: www.bbb.com
Avoid Being Scammed
Summary of Financial Aid Process
Submit all required forms, including FAFSA, by each college’s published deadline (but no later than March 2)
By March 2, 2011, submit a Cal Grant GPA Verification Form
Keep a copy of all forms you submit
Review you paper Student Aid Report (SAR) or electronic SAR Acknowledgement
Watch for your financial aid award notification from colleges after their admission decisions are announced
Be sure to reapply for financial aid each year after January 1
ASK QUESTIONS!